WASHINGTON D.C. - Legislation that was supported by U.S. Congressman Dan Boren and enacted by Congress in May 2007 will increase the minimum wage in Oklahoma on July 24th from $5.85 to $6.55 an hour.
This increase is the second milestone in a three-step process that will raise the minimum wage to $7.25 an hour once fully implemented next year. According to the Economic Policy Institute, once fully implemented the wage increase will benefit 12.4 million workers across the country and 113,000 in Oklahoma.
“Raising the minimum wage will strengthen the economy for all Americans, but most importantly it will assist the hard-working Oklahomans who have been hit hardest by the economic downturn,” said Boren. “I was pleased that the legislation also included important small business tax provisions to help offset any increased cost to Oklahoma employers.”
Alongside the minimum wage increase, the legislation also provided several small business tax incentives including an extension of the work opportunity tax credit through August 2011 and an increase in the small business expensing limit to $125,000.
The minimum wage was increased from $5.15 to $5.85 on July 24, 2007; will increase to $6.55 on July 24, 2008; and will increase to $7.25 on July 24, 2009. It is the first increase in the minimum wage in 10 years. An increase to $7.25 an hour will mean an additional $4,400 per year for a minimum wage worker’s family.
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